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British Pound: The Downside Prevails
By Trading Central on October 21, 2009 | More Posts By Trading Central | Author's Website
Update on supports and resistances.
| Resistance3: | 67 |
| Resistance2: | 65.5 |
| Resistance1: | 63.5 |
| Last: | 60.26 |
| Pivot: | 63.5 |
| Support1: | 58.7 |
| Support2: | 56 |
| Support3: | 53.5 |
Our preference: Short positions below 63.5 with targets @ 58.7 & 56 in extension.
Alternative scenario: Above 63.5 look for further upside with 65.5 & 67 as targets.
Comment: the RSI has broken below its rising trend line, the pair remains under pressure and is approaching its previous low.
67
65.5
63.5
60.26 (last)
58.7
56
53.5
*USD/GBP Index: the ISE Exchange measures the strength and weakness of the US DOLLAR versus the BRITISH POUND. For details go to www.ise.com
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